Elliott Wave & Technical Analysis for Nifty
Please check the self explanatory charts below -
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Expect a Positional Trending move in short term after RBI Policy declaration this week. The move may or may not be in line with the news so prepare like wise with proper risk management.
5 comments:
Thanks !
As of now only a close above 200dma will signal a bottom in place. Till then bias is down in short term.
sir, rally from 7940 is impulse or corrective ?
@divya,
A faster close time wise above 8490 (last pivot high) may indicate the nature of this move. 8490 to 7940 took appx 15 sessions and now if this week price crosses above 8490, then the move will retrace the pivot faster indicating the impulse nature.
Observations :
1. Positive divergence in Weekly indicators.
2. Last whole week traded above 8300 and last 4 close above 200dma apprx.
3. Still 50 and 200dma also 20 and 50dma are bearishly aligned.
4. So multiple timeframe contra indications and Greece news keeping the markets choppy.
5. 200dma can be pivot to trade both sides. Bias long with 8200 on closing basis in short term.
6. Light position size till resolves.
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